ITT we discuss and develop a decentralized digital ethnocentric cryptocurrency

ITT we discuss and develop a decentralized digital ethnocentric cryptocurrency.

Things accomplished so far:

1. Name is the Reichskoin with ISO-style currency code XRK 2. Logo is pic related (You)
3. Decided to fork Monero codebase with minor tweaks (e.g. changing the inflation rate) and start a new blockchain from scratch 4. Decided not to pre-mine coins or have an initial coin offering, and to avoid setting up a real world foundation of namefags to control this thing 5. Set up a Discord room Xftnx6p for ongoing discussion (You)

Things to do:

1. Keep the dream alive by creating follow ups to this thread to maintain interest (we will need anons running nodes/miners once the tools are set up)
2. Decide on monetary policy issues like inflation rate 3. Develop tools that make it easy for anons to set up a node/miner/wallet from information provided in this thread (e.g. pastebin link to script, list of seeds nodes to connect to in a post) 4. Have a fair launch (no namefags, no pre-mine, no profit to namefags from initial coin offering)

>Discord link for namefagging and advanced shitposting
Xftnx6p

Past threads:
(OP)

What did we get up to last night?

Just look at the last bread. It's linked

Bump

Gonna have to throw this up matching the last ones time of the day

invite expired, faggot

(((They))) will end the internet if this happens.

new link
>8MUfeC

Nigga Xftnx6p is on infinite expiration time

We already have one. Its called BRITcoin.

Not as an ethno-currency. This is a project from scratch too. Britcoin already existed for a long time

Bump (about to post a progress update)

1/2
I’ve been looking into the Monero source code which we want to fork, and how to set everything up. In the last thread, one user mentioned that we should tweak the inflation rate, but we need to hear back from him about the benefits of doing so (he mentioned writing a whitepaper). I’ll briefly summarize what I found:

(1) The Monero source code hardcodes an initial limit to the money supply (basically the largest possible native integer on a 64-bit CPU): 2^64 - 1 = 18,446,744,073,709,551,615. I don’t think there’s any reason to change this number since it’s just the largest possible number.

(2) This amount is in terms of an atomic unit that can’t be subdivided further (e.g. what a penny is to a dollar). The source code defines 1,000,000,000,000 as making up one coin (i.e. one Reichskoin). We should think of a name for this atomic subunit too. Bitcoin is subdivided into satoshis (named after the creator). We can name it something like “kek” (then we can tip “keks” to each other), or something else (need to discuss and decide).

2/3
(3) Coins are awarded to miners during an initial phase for each block they mine at a rate that smoothly decreases to 0.3 coins per block (a new block is generated every two minutes). After the entire initial supply is mined (this will take around 10-20 years), then it continues at this rate forever (0.3 coins per block). This means that there is actually no limit to the number of coins that can ever be mined which is good if we want this to be used as a currency and not a store of value like Bitcoin. But at the same time we don’t want the rate of increase to be too high, otherwise we get hyperinflation making the coins worthless as a currency (the coin would devalue relative to real world goods/services too fast). This rate of inflation (or tail emission) is what the user from the previous thread was talking about adjusting. The 0.3 coins per block tail emission rate translates to an inflation rate (after the initial money supply of 2^64 - 1 is mined) of around 0.8% in the first year and decreases to 0.4% after one hundred years. Compare this to the Federal Reserve target inflation rate for the US dollar of 2%. We need to discuss and decide on the inflation rate in advance. It would be possible to change it after launching the coin, but it would require everyone to agree or else we’ll end up with a hardfork situation like Bitcoin vs. Bitcoin Cash which is not ideal.

(4) If we don’t tweak any of the default parameters in the Monero codebase (like the inflation rate), then it will actually be very easy to set everything up and we can get this up and running very soon.

3/3
(5) The key thing is we will need anons who will volunteer to run seed nodes (nodes mine blocks and confirm transactions, and seed nodes are a list of nodes that every other node knows about and connects to initially). The seed nodes will need public IP addresses that will be published in this thread, but a VPN can also be used to hide the true IP of the computer that’s acting as a node. In principle, the list of seed nodes can change over time, but we want a reliable and stable list that doesn’t change too quickly.

Should we make a /biz/ thread canada bro? We still havent found a good coder and we could use a larger community.

How about implementing javascript web based mining. something like coinhive,cryptoloot for xmr

It would be best to keep the main discussion in one place (these threads), but you can certainly let other people like on /biz/ know about what we’re doing and direct them here. Honestly I think the biggest hurdle right now is getting a handful of anons who can commit to running the seed nodes/miners, and I would be able to walk them through setting everything up.

Since we are forking Monero, the JavaScript based miners for Monero should work with our coin (the Reichskoin).

So, maybe to make a turn key solution, fork a chromium add an open source web miner >>Reichskoin browser/miner .
enjoy a wide scale implementation

nice numbers

>I think the biggest hurdle right now is getting a handful of anons who can commit to running the seed nodes/miners
I would switch my miner from Monero to Reichskoin, if that helps.

How many seed nodes would be needed? I can stand up some VPSs to host them.
Any idea how much hashpower the network would need?

Also, ignore my accidental namefaggotry.

>naming it koin instead of mark
>logo not featuring hakenkreuz
whats the point

Yes, we could (and should) have something like that, but we still need a few anons to volunteer to run dedicated seed nodes that all other nodes will link to initially (this is something that every decentralized cryptocurrency needs, even Bitcoin has seed nodes hardcoded in the protocol).

Bump

yeah...either subtle or full-on natsoc

That would definitely help. Would you be willing to run a seed node? (Basically you'd just be running the same miner software, but it needs to have close to 100% uptime and you'd need to publish a public IP address in these threads - the public IP could be for a cheap VPS service that connects to your miner over something like OpenVPN).

>How many seed nodes would be needed?
Well technically just one is needed to bootstrap the whole thing, but you need some redundancy (in case one goes down or the IP is blocked in your country) and also you don't want just one computer running the protocol because then it will have 100% control of which blocks get added to the blockchain (but I don't expect this to be a serious problem for us at this early stage). I'd say something like 5-20 reliable seed nodes would be more than sufficient. (Note that the seed nodes are not the only nodes/miners in the protocol, they just form the trusted core to which all others nodes/miners initially connect.)

>I can stand up some VPSs to host them.
That would be a great help. Thanks.

>Any idea how much hashpower the network would need?
The Monero/CryptoNote proof of work is designed to work well with CPU miners so GPU miners don't get an unfair advantage. I don't know the exact hashpower needed but it will be low to start and will increase as more and more people use it. In the early stages we just need a stable, reliable base to work with (for the seed nodes) and more powerful miners will be able to jump in at any time.

For the anons who can mine/provide seed nodes, please monitor these threads and the Discord channel for more information. Thanks!